Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 40-year veteran tax professional Robert D Flach.

Wednesday, July 28, 2010

WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION

THE BUZZ IS BACK!

* Kay Bell also attended the NATP conference in Austin, which is where she lives, although we did not manage to connect (my fault, I fear). Unlike me, she wrote new posts at DON’T MESS WITH TAXES during the week.

Over the years I have received “gifts” from clients that could probably be considered tips – as did my mentor Jim Gill. Jim received a convertible couch from one client, and a refrigerator from another – two items that came in handy in our office. My gifts have not been as substantial, although I have received original artwork from clients who are artists and the occasional restaurant and Amazon.com gift card.

* And Kay provides some guidance in answering the question “Are You Ready for a ROTH?” taken from one of the educational sessions offered at the NATP conference. I attended the same class that Kay mentions in her post – although not the same session as Kay (classes are offered at least twice at different times during the conference).

I am sincerely sorry Kay and I did not meet at the NATP conference (again – my fault, I fear). Maybe at a future conference.

* I don’t want to make this BUZZ all about Kay, but she had a lot of great posts over the past 10 days. She gave us the word on back-to-school sales tax holidays in “Sales tax holidays 2010”.

* Jean Murray discusses the Small Business Jobs Tax Relief Act, which I mentioned in an earlier post at TWTP, in "Small Business May Finally Get a Tax Break”. She tells us “it passed the House and is currently in the Senate”.

As I had previously mentioned, the one provision of this bill that I really like is – “The bill allows business owners to deduct the cost of health insurance for themselves and their families from their self-employment tax”.

* TAX MAMA Eva Rosenberg hits the nail on the head with her response to a question from a reader in “Tax Advice from Friends”. She echoes my thoughts when she says -

“But that’s one of my pet peeves, listening to well-meaning, but ignorant friends, instead of consulting a tax professional for tax advice.

Friends are terrific – to have fun with, and socialize with. But…it’s like asking some well-meaning buddy to fix a cavity in your tooth, rather than a dentist. Yeah, he heard some tips about how to do that. Don’t bother going to a dentist who spent years studying – or a tax professional who is constantly studying the new tax laws.”

“Blessed are the young, for they shall inherit the national debt." - Herbert Hoover

* Before I go some non-tax BUZZ - Kudos to NJ Gov Chris Christie for speaking out against the steaming piece of excrement known as MTV’s “The Jersey Shore”. On a Sunday ABC news program the Republican governor said the so-called “reality” series is a "negative" for New Jersey because, as is basically the case with just about every so-called “reality” show, it doesn’t in any way, shape or form reflect reality!

Christie said it "takes a bunch of New Yorkers, drops them at the Jersey Shore and tries to make America feel like this is New Jersey."

I was shocked to learn while in Austin that the self-absorbed brain-dead arseholes (that describes anyone who appears on a reality tv show – doesn’t it) on The Jersey Shore make $30,000 per episode!

There was more good news this morning on the “reality tv” front. One of the idiots on the Desperate Housewives of New Jersey, another slice of dog waste, is bankrupt ($11 Million in debt) and according to a headline, “NJ 'Housewife' Teresa Auctions Off Contents of Foreclosed Mansion”.

Before contacting me with questions about how a blog post relates to your specific situation, please be aware that I do not give free tax advice to non-clients by e-mail, comment response, or phone. So don't waste your time and mine.